While there are plenty of press releases floating about, the details are just starting to emerge. Below is what I believe to be the basic facts. See this page for all the details

• A tax credit of up tp to $8,000 for first time home buyers (no homeownership last three years) or 10% of purchase price, whichever is less. There are income limits (see below).
  2. Credit of up to $6,500 for "repeat" or "move-up buyers" (living in current residence for at least 5 of the last 8 years) or 10% of Purchase price whichever is less. There are income limits (see below).
  3 The home must be under contract after 11/7/ 09 and before 04/30/10and you must close no later than 60 days past the deadline.
  4. Income Limits: $125,000 single tax filer, $225,000 married-joint filer (after these limits credit is reduced greatly as income rises)
  5. Must live in purchased home for 3 years or credit must be refunded to IRS
  6. Use form 5405 to determine your actual credit amount
  7. Homes over $800,000 are not eligible
  8. Homes built by owner qualify as long as they are finshed and recorded by deadline

Call me today to discuss your real estate needs. You will be glad you did.

Eric Fernwood
702-358-8884
EricFernwood@Gmail.com